Michael Bloomberg, the mayor of New York and founder of the financial information and services firm of the same name, is to invest up to $45m (£31m) helping unemployed bankers and financiers return to Wall Street. The mayor has proposed creating a privately run fund to loan money to local start-up companies, among several plans to encourage entrepreneurship and attract new financial firms to the city to ensure it doesn’t lose its place in the global financial hierarchy.

Bloomberg founded his eponymous firm after being made redundant from Salomon Brothers in 1981. He hopes others follow his example. Have you got that, Boris?